Four Seasons Development in Ruckersville Going to Auction

default having been made in the payment of the debt therein secured and being required to do so by the Beneficiary and holder of the promissory note secured by the lien of the Deed of Trust, Gordon P. Peyton, Substitute Trustee, will offer for sale at public auction on the Courthouse Steps, Circuit Court for Greene County, Virginia located at Court Square, Stanardsville, Virginia 22973 on Thursday, January 22, 2009, at 11:00 a.m., the real estate with improvements thereon known and described as follows: All that certain tract or parcel of land with all improvements thereon and appurtenances thereunto, belonging, lying and located in Ruckersville Magisterial District, Greene County, Virginia and more particularly described as 203.905 acres, as shown on plat dated September 23, 2004 prepared by Roudabush, Gale & Associates Inc., entitled “Subdivision Plat S.A. Reynolds property Tax Map 60 parcels (1)-A & (1)-B Tax Map 60 parcels (A)-9C1, (A)-9C2, (A)-9C3A, (A)-9C3B and portions of Tax Map 60 parcels (A)-62 and (A)-62A1 Ruckersville District Greene County, Virginia” and recorded in the Clerk’s Office of the Circuit Court of Greene County, Virginia on Plat Cards 3624 and 3625. TOGETHER WITH that certain 50′ ingress/egress easement created by Deed of Dedication and Easements recorded in Deed Book 952 at page 239 and as shown on Plat Cards 3701, 3702, 3703 and 3704. TOGETHER WITH the use of 40′ and 60′ Access Easement as shown on Plat Card 2944. SAVING AND EXCEPTING THEREFROM Lots 1 through 37, inclusive, 41 through 53, inclusive, 62 through 72, inclusive, 73 through 76, inclusive, 78 through 80, inclusive, 285 through 289, inclusive, 292 through 294, inclusive, 297, 298, 304 through 306, inclusive, 311 through 328, inclusive, 345 through 355, inclusive, 351 through 355, inclusive, 357 through 363, inclusive, 394, 395 and 536, FOUR SEASONS, PHASE ONE, as duly, dedicated, platted and recorded in Deed of Subdivision and Easement recorded in Deed Book 1014 page 300, also shown on Plat Cards 3875 through 3892, among the land records of Greene County, Virginia. Terms of Sale: ALL CASH. A deposit of One Hundred Thousand Dollars ($100,000.00) (“Deposit”) in cash or by certified or cashier’s check (endorsed and/or payable to “Gordon Peyton, Substitute Trustee”) shall be required to be paid by the successful bidder (“Purchaser”) at the time that the Property is knocked down for sale, which deposit shall be applied without interest to the purchase price. Immediately after the sale, the successful bidder shall execute and deliver a contract of sale with the Substitute Trustee for the Property, a copy of which shall be available for inspection immediately prior to the sale, and shall deliver to the Substitute Trustee the Deposit.

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[…] The second option would be if the bank just took over the debt. Â They aren’t taking over the project, just the debt. Â The developer would stay in control and the bank would try to sell the debt, knowing they might take a loss. Â Personally, I think you’ll see more of that happening:banks saying, “we just need to get this off our books”. Â In this area, I’m not aware of it ever having happened on a project wide level in recent years. (Ironically, thisÂ quote was given Jan. 7th -Â and then a post on Jim Duncan’s website Jan. 9th) […]

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About Jim Duncan

I am a Realtor/Broker/Partner with Nest Realty in Charlottesville, Virginia. The goal of this site/blog remains unchanged in the nearly 10 years since its founding – to provide clear, coherent and unbiased analysis of the Charlottesville area real estate market.